EURUSD: Bullish, Pressure Builds On The Upside



EURUSD: With EUR bullish and threatening further upside offensive, the risk is for more strength towards the 1.3301 level, its Jun 20’2013 high. This is coming on the back of its rally triggered off the 1.2764 level on July 10’2013.

Further out, resistance resides at the 1.3350 level followed by the 1.3415 level, the location of its Jun’2013 high. A break through here will resume its medium term uptrend and open the door for a run at the 1.3500 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.3190 level followed by the 1.3100 level.

On continued weakness the pair will target the 1.3000 level, its major psycho level. All in all, EUR continues to retain its upside bias.EURUSD

Guest post by FX Tech Strategy


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